Exacta
A horse racing bet where you pick the first two finishers in the exact order.
An exacta is a horse racing bet where you pick which horses will finish first and second, in that exact order. It is the simplest of the "exotic" bets and pays much more than a single win bet, because you have to be right about two horses instead of one.
How an exacta box works
Box 3 horses and every first-second order is covered
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A 3-horse box covers 6 orders
What a $1 exacta box costs
How an Exacta Works
If you bet a 5-2 exacta, horse 5 must win and horse 2 must finish second. A 2-5 finish loses. If you want either order, you need an exacta box (or a quinella).
Exacta Box, Key, and Wheel
- Exacta box: your horses can finish first and second in any order.
- Exacta key: one horse must win, and any of your other picks can be second.
- Exacta wheel: one horse on top with every other horse in the race underneath.
| Horses Boxed | Combinations | Cost at $1 | Cost at $2 |
|---|---|---|---|
| 2 | 2 | $2 | $4 |
| 3 | 6 | $6 | $12 |
| 4 | 12 | $12 | $24 |
| 5 | 20 | $20 | $40 |
Minimums vary by track. Many allow $1 exactas, and some offer smaller amounts.
How Exacta Payouts Work
Like other exotic bets in the US, exactas are pari-mutuel. All exacta bets go into one pool, the track takes its cut, and the rest is shared among winning tickets. You won't know the exact payout until the race is official, but most tracks and apps show "will pay" estimates before the race.
An exacta with the two favorites might pay only a little more than the cost of a box. An exacta with a long shot finishing second can pay many times more.
Exacta vs. Quinella
A quinella also pays if your two horses finish first and second, but in either order, as one bet. An exacta box covers the same outcome with two bets, so it costs twice as much. When the exacta box hits, though, it pays the exacta price, which is often more than double the quinella payout. Not every US track offers quinellas.
Exacta Tips
- Key a strong favorite on top over a few horses you like for second, rather than boxing many horses.
- Look for value underneath. Bettors tend to overbet the same favorites for second place too.
- Compare the "will pay" numbers before the race to see whether a combination is worth playing.
Key Takeaways
- An exacta pays only if your two horses finish first and second in the exact order.
- An exacta box covers both orders and costs twice as much for two horses.
- Payouts come from a pari-mutuel pool, so they vary by how many people picked the same combination.
- Keying one horse on top is usually more cost-effective than a large box.
Examples
- A $2 exacta of 6-1 pays if horse 6 wins and horse 1 finishes second.
- A $1 exacta box of 3, 4, and 7 costs $6 and covers all six first-second orders.
Related Terms
Test Your Knowledge
1 / 4Do you know what Trifecta means?
A horse racing bet where you pick the first three finishers in the exact order.
Frequently Asked Questions
What is the difference between an exacta and a quinella?
An exacta needs the exact order. A quinella pays if your two horses finish first and second in either order. An exacta box gives you both orders but costs twice as much.
How much is a $1 exacta box with 3 horses?
$6. Three horses make six possible first-second orders, and each one is a $1 bet.